中国工商银行海外并购的经济绩效研究——以收购南非标准银行和阿根廷标准银行为例

Study of the Economic Performance of ICBC's Overseas M&A——The Example of Purchasing the SBG and the SBA

近年来,随着中国企业走出去步伐的加快,中资大型商业银行也加速了国际化进程。本文采用事件研究法和财务分析法,以中国工商银行收购南非标准银行集团和阿根廷标准银行为例,对并购公告的资本市场反应以及并购前后的财务指标变动进行了考察。研究发现:两次并购对并购双方都带来正向超额效益,但短期内对盈利水平的提升作用不明显。最后提出中资大型商业银行应着眼于长期收益,积极海外扩张,优化资源配置和增强抗风险能力。

In recent years, China＇s large commercial banks are accelerating the pace of internationalization with the Chinese enterprises＇ expediting the step of walking out. This paper takes Industrial and Commercial Bank of China taking o- ver the Standard Bank of South Africa and the Standard Bank of Argentina as example by using the method of event study and financial analysis, to study the capital market＇s reaction of mergering announcement and the changes of financial indi- cators before and after acquisition. The study found that two M＆As bring positive excess returns to both sides, but in the short term, effect on the ascension of profit level is not obvious. Finally, The Author Suggests that the Commercial Banks should focus on long - term benefits, actively expand to overseas market and optimize the allocation of resources and en- hance the ability to resist risks.